The Marketing Strategy Project
Your objective is to develop a Marketing Strategy for a product that you created for a real or made
up business. Your Marketing Strategy is based upon the philosophy known as the Marketing
Concept in which if you identify a specific group of customers, understand their needs, develop a
product to meet those needs, and use the marketing functions that will satisfy the customer needs.
For the business, if executed well, everything is performed at a profit. This will be a written
assignment and then be presented to the class that will summarize your Marketing Strategy
for your peers.
Project Requirements
To develop the Marketing Strategy, work through the elements of the Marketing Strategy and
answer the questions following the Target Market and each of the 5 P’s of the Marketing Mix.
Your explanation of the marketing strategy needs to be written in an essay format and in complete
sentences (12 point font, double spaced, 1 inch margins). You may write it all together or separate
your responses into individual headings. Your responses need to be thorough, detailed, and
demonstrate your knowledge of the Marketing Strategy. Plus, make connections with other areas
of the Marketing Strategy showing the relationship between the different elements and how they
all support the strategy together. Make sure you cover each of the questions being asked of
you in each element of the Marketing Strategy.
Presentation
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Put together a brief presentation explaining your Marketing Strategy (Your Business,
Target Market, and Marketing Mix) giving the audience insight into your plans to
implement the new product to potential customers.
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You must incorporate your Promotional Activity into the presentation.
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The presentation will be assessed using the same presentation rubric.
Marketing Strategy Elements
1.) Identify the Target Market
Score:
3
2
1
Check in Date: November 18
0
Determine what specific group of consumers that you want your business to approach as potential
customers. Use key characteristics to separate the target market from the group of customers that
you originally identified. (Be very specific)
Identify the needs/wants of the target market that you are choosing to go after. Use current data,
marketing research, or other means to understand what your target market is looking for and why
they need/want it.
2.) Create the Marketing Mix -
Product – Explain the product that will be developed to satisfy the
wants/needs of the target market chosen. Answer the following:
Check in Date: Monday, November 21
Score:
3
2
1
0
- What is the product that your business is introducing and what does it do?
- How does the product satisfy the consumer’s needs that you decided upon for your target
market?
-Why will your potential customers purchase the product? What value does it have for
them? (Buying Behaviors)
- What will your business do to determine whether or not the product created will satisfy
the target market needs? (Evaluate its success)
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If the product would have a successful beginning, what are the resources needed to
develop and continue to grow the product. Provide examples
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What will the packaging look like? What accessories and services available for the
customer?
Place – Explain how your business will get the product to your target
market. Answer the following:
Score:
3
2
1
0
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Where will the product be available? How will customers obtain the product?
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How will the product be delivered to the locations? (Explain the distribution
channels used, and identify if it is Direct or Indirect Distribution) What types of
transportation will be needed and who (Retail, Wholesaler, Agent?) is located along the
channel? (Be Specific)
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How will the product be packaged and protected during the transportation process?
What does the business need to
Price - Develop a price for the product to cover costs and make a profit.
Answer the following:
Score:
3
2
1
0
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What is the strategy in terms of setting a price? Identify one of the strategies discussed
and explain why you chose that strategy. (Maximize Profits, Increase Sales, Maintain
an Image….)
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What will affect the price of your product and how? (The quantity purchased, the use
of staff/customer service, transportation (businesses in the channel of
distribution), and promotion)
Promotion – Inform prospective members of your target market to
make a purchase and to reinforce the purchase. Answer the following:
Score:
3
2
1
0
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A solid product is not enough to convince customers to make a purchase. How are you
going to use promotional activities to show customers that the product will effectively
meet the needs/wants of the target market selected?
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What are the promotional methods that you will use and what will you do in the
methods used to communicate your message? (Sales, Advertising, Publicity, Personal
Selling, etc...)
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Create one of your Promotional Activities (Commercial, Print Ad, A Personal Selling
approach, etc…) that will communicate your message to potential customers.
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Using the 3 factors in selecting promotional methods, why did you select the
promotional method you shared with the class? (p. 111 in your text)
People – The use of people in the implementation and execution of the
Marketing Strategy. Answer the following:
Score:
3
-
2
1
0
Describe the role(s) of people in your Marketing Strategy and how they support the rest
of the Marketing Mix and meet the needs of its customers.
Grading Rubric for the Written Content
3 – Answers are very clear, concise, and the student demonstrates a solid understanding of the
content. The student makes connections with the other parts of the Marketing Strategy and the
theme of the strategy is kept consistent throughout. All expectations and questions asked have
been met.
2 – Answers are clear but student does not demonstrate a complete understanding of the content.
The student makes few connections with other parts of the Marketing Strategy and the theme is
somewhat consistent. Most expectations and questions have been met.
1 – Few answers are clear and the student demonstrates little content knowledge. There are no
connections with the rest of the Marketing Strategy and there is not a consistent theme
throughout. Only a few expectations have been met.
0 – The content is completely missing.